My first month day trading Forex

[BeanJumbler]

So when you say you "only use price action" - isnt price action just another word for technical analysis? Or is it specifically meaning candle types and highs and lows, and disregarding all the other extra indicators?

In other words, any tips for where a beginner like myself can learn some of the price action trading techniques you apply?

 

[Modest]

So when you say you "only use price action" - isnt price action just another word for technical analysis? Or is it specifically meaning candle types and highs and lows, and disregarding all the other extra indicators?

In other words, any tips for where a beginner like myself can learn some of the price action trading techniques you apply?

Google Price Action for a better definition but yeah I pay attention to ABC patterns, highs and lows and context (support and resistance, pivots) basically any area of interest where supply or demand is likely to enter the market. Along with keeping an eye on that I am also thinking about other traders, trapped traders etc

If you want to learn PA I highly recommend reading Al Brooks Price Action books; they're extremely difficult to understand so you may want to supplement them with his 24 hours of videos (don't rush).

Also Lance Beggs - PAT (Price Action Trader) This guy is a legend and has helped me a lot.


Watch everything on Youtube regarding Price Action, Lots of good webinars on the youtube.

I have been mentoring a friend recently and I am impressed by his skills! And all he uses is naked charts like me and Price Action!

Oh and Sam Seiden - Watch all his webinars.

That's all I can think about for now.

 

[Modest]

Current trade:

Shat bricks as the ass fell out (Shake out!) of this after I went long but still had room away from my stop loss. Rode it out and just took half my position off the table. Half left in and stop loss moved to break even, FREE TRADE.

 

[BeanJumbler]

Thank you very much Modest!

I will check those sources out, start digesting them and amongst a few other things i've been reading, and report back once I'm done... which could be a while haha. Will keep checking your thread now and then in the meantime

 

[Modest]

Thank you very much Modest!

I will check those sources out, start digesting them and amongst a few other things i've been reading, and report back once I'm done... which could be a while haha. Will keep checking your thread now and then in the meantime

Good stuff mate do let me know how you go. Remember don't rush it just immerse yourself into the material and Demo, demo demo!

Two trades today:





Exited on the exhaustion candle, hanging man. Reliable signal for me for reversals.

 

[Modest]

Look at this beautiful Pin bar (that I missed) I always admire a good one and of course study it and it's context. Haven't seen a nice one like this for some time.

The bias is definitely bullish so I was looking for a reason to get long.



Entered on a Buy Limit based on the price action happening on the 1M chart

Happy trading all and have a great Easter.

 

[BeanJumbler]

Good stuff mate do let me know how you go. Remember don't rush it just immerse yourself into the material and Demo, demo demo!

Cheers mate! "Don't rush" is exactly what I need to hear right now. I purchased Al Brook's videos and it has been a great trove of information and education, but I've had to take it slowly as there's so much there. Thanks for the tip on that one, it's great to have a whole lot of technical teaching on hand to slowly make my way through.

What sort of set up do you use for trading? I only have a 13 inch Macbook at the moment so am considering getting another monitor, just because the 13 inch screen is very small for the charts (I've done some demo trades on ETX Capital and Pepperstone so far). And is computer / internet speed a factor at all when trading, or does it not make a great deal of difference?

 

[Modest]

Cheers mate! "Don't rush" is exactly what I need to hear right now. I purchased Al Brook's videos and it has been a great trove of information and education, but I've had to take it slowly as there's so much there. Thanks for the tip on that one, it's great to have a whole lot of technical teaching on hand to slowly make my way through.

What sort of set up do you use for trading? I only have a 13 inch Macbook at the moment so am considering getting another monitor, just because the 13 inch screen is very small for the charts (I've done some demo trades on ETX Capital and Pepperstone so far). And is computer / internet speed a factor at all when trading, or does it not make a great deal of difference?

Awesome stuff mate! It's a treasure trove indeed and I am glad you're taking it slow cos there is a **** tone to learn when it comes to PA.

I only have two monitors at my PC. In fact I would say that you only need one monitor to trade. I trade on my laptop sometimes and have no issues, I have split screen 1m and 5m chart going no dramas on a 13" acer. But I did upgrade the internal hard drive of my laptop to an SSD though.

My 2nd big tip for you is to pick a pair and learn it intimately! If you look at my thread here I started off trying to follow heaps of pairs but only after I made the decision to only look and trade the EURUSD was really when my trading took off.

Pick a pair and only watch it and trade it. The good thing about trading one pair is you only really need one monitor

 

[Modest]

Stop Loss @ 6750
Take Profit @ 7400

 

[Caveroute]

Stop Loss @ 6750
Take Profit @ 7400

Hi Modest, just curious what was your buy logic here.

You seem to have bought with a limit order on the DB, would this be right ?

Cave

 

[Modest]

Hello this is very difficult to explain, I know why I did it just very difficult to explain. But I will have a go. Watching the low time frames for so many hours every day there are little things that appear insignificant but I have noticed they are can be a prelude to some good action.

The actual trade was a rare one for me because it was a Market Order.

What prompted me to look for a reason to go long is the two 5 minute bars at 18:15 and 18:20 their bottoms are exactly the same to the tick coupled with the context of the recent move. I've seen this a number of times in very similar context. I was not able to enter earlier as I only got to my computer at approx 20:00.

I had a mental area that I was going to execute a market order at around 6960.. because that is where I felt as though the price was wholesale and where entering on a market order would be the safest place, so I sat and watched price on the 1m chart .... Lastly the Stop loss (right under those double bottoms @ 18:15 ) was relatively tight which added to my confidence to go with a market order (which I rarely do).

 

[Modest]

2 Pull back trades today




It turned out to be a run away train after I exited in the above trade. Straight away I am looking for a re-entry long, another orderly pull back oand I am in once more!




Started feeling bearish as price action started showing a weakening bull... I go counter trend with a stop limit:



I am out as quick as I got in for a tiny profit. The price action on the 1m did not look good, i felt it was going to range for awhile so I AM OUT!

 

[Modest]

Hello this is very difficult to explain, I know why I did it just very difficult to explain. But I will have a go. Watching the low time frames for so many hours every day there are little things that appear insignificant but I have noticed they are can be a prelude to some good action.

The actual trade was a rare one for me because it was a Market Order.

What prompted me to look for a reason to go long is the two 5 minute bars at 18:15 and 18:20 their bottoms are exactly the same to the tick coupled with the context of the recent move. I've seen this a number of times in very similar context. I was not able to enter earlier as I only got to my computer at approx 20:00.

I had a mental area that I was going to execute a market order at around 6960.. because that is where I felt as though the price was wholesale and where entering on a market order would be the safest place, so I sat and watched price on the 1m chart .... Lastly the Stop loss (right under those double bottoms @ 18:15 ) was relatively tight which added to my confidence to go with a market order (which I rarely do).

Missed this trade BUT Once again two lows EXACTLY the same low to the tick then a huge spike:

Both 1.07317

 

[NickF]

Missed this trade BUT Once again two lows EXACTLY the same low to the tick then a huge spike:

Both 1.07317

Hi Modest,

There seem to be a problem with the images in all your posts - I can't see any in your posts. I also started a Forex Live account on Friday, this is my second day of trading. So far today I closed five positions and I lost money on all of them. I am still optimistic the market will turn around by the end of the day. Maybe I should have a reason before going into a tranzaction

Cheers,
Nick

 

[Modest]

Probably a good idea to demo for awhile and triple and quad triple the demo money before going live

 

[NickF]

Probably a good idea to demo for awhile and triple and quad triple the demo money before going live

I am afraid I will never be able to do that. I would lose interest long before I double my virtual balance
I see no problem with starting a real account and trading small (provided I have stop losses and a set total loss & get out limit).

Were you able to accomplish this feat, doubling your demo account? If yes, how long did it take you?

 

[Modest]

Each to their own I guess

Looking forward to transferring your dollars from your account to mine as you learn how to trade in a live environment

 

[NickF]

Each to their own I guess

Looking forward to transferring your dollars from your account to mine as you learn how to trade in a live environment

Is this what trading is? More experienced traders taking advantage of newbies, instead of supporting them? I am quite disappointed...
I would get out right now, but first I need to recover my losses!

 

[Modest]

Is this what trading is? More experienced traders taking advantage of newbies, instead of supporting them? I am quite disappointed...
I would get out right now, but first I need to recover my losses!

Haha just please use small lots in live!!! :

 

[NickF]

Haha just please use small lots in live!!! :

I would never go above $100k, unless I'm in trouble...
How was your day so far? Did you make money, or did you lose?

It looks like I wasn't very inspired today. I really don't know what happened, Friday was such a good day and it made me feel very confident! Does alcohol help to bring back the inspiration? I'm not a drinker, but I would try anything!